|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||0.6400 - 0.6650|
|52-week range||0.5850 - 0.8970|
|Beta (3Y monthly)||2.14|
|PE ratio (TTM)||N/A|
|Earnings date||18 Feb. 2019 - 22 Feb. 2019|
|Forward dividend & yield||0.03 (4.39%)|
|1y target est||0.82|
The Federal Court has approved Nine Entertainment Co's takeover of Fairfax Media, despite opposition from former Domain boss Antony Catalano and Aurora Funds Management. At a hearing on Tuesday morning, shareholders were given an opportunity to oppose the scheme of arrangement to join the two media companies, which saw Mr Catalano and Aurora submit separate notices of appearance. One of the points of frustration for Mr Catalano was a decision by Fairfax not to delay a shareholder vote about the scheme on Monday last week.
Fairfax Media shareholders have overwhelmingly voted in favour of a merger with Nine Entertainment, approving a deal to create Australia's largest media company. As Nine chief executive Hugh Marks, who will lead the new company, sat at the back of the scheme meeting on Monday, Fairfax investors voted 81.49 per cent of shares cast in favour of the merger, while 18.5 per cent were voted against. "The merger brings together two largely complementary businesses to create a diversified portfolio of media assets, comprising Fairfax's mastheads, Nine's FTA TV network, high-growth digital businesses including Domain, Stan and 9Now, as well as radio interests through Macquarie Media," Fairfax chairman Nick Falloon told the scheme meeting.
The planned merger of TV and print media businesses Nine Entertainment and Fairfax Media has the backing of the Australian Competition and Consumer Commission (ACCC). Chair Rod Sims said the merger raised numerous "extremely complex issues, and will likely reduce competition" but in the end his organisation concluded that it wasn't substantial enough to breach the Competition and Consumer Act. Nine’s television operations and Fairfax’s main media assets generally do not compete closely with each other, the ACCC said, with Nine’s news and current affairs programs targeting "a mass market audience" while Fairfax’s "more in-depth coverage" was focused on a subscription audience.
When Malcolm Turnbull stepped into the Canberra winter chill and on to the podium in the prime minister’s courtyard at 1 p.m. on Thursday, most pundits thought he was about to quit. Turnbull also spoke about another document, one he hopes may save his career -- a letter referred to the nation’s top legal officer asking whether Dutton may actually be ineligible to remain in parliament. On Tuesday, hours after Dutton’s first attempt to win the leadership narrowly failed, an article was published by Fairfax Media alleging he could be disqualified from parliament over his business interests.
In this article, I’m going to take a look at Fairfax Media Limited’s (ASX:FXJ) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject amongRead More...
SYDNEY (AP) — Australian media companies Nine Entertainment and Fairfax Media have announced plans to merge, with the new media giant to be known only as Nine.